The Finnish implementation of the Transparency Directive entered into force on February 15 2007. The implementation was carried out by introducing amendments to the provisions of the Finnish Securities Market Act (the SMA) regulating the regular disclosure obligations of issuers of publicly traded securities and the disclosure of major shareholdings in publicly traded companies, as well as by decrees issued by the Ministry of Finance specifying the same. In addition, the scope of the application of the SMA was amended to implement the home member state principle introduced in the Transparency Directive. It is, furthermore, expected that there will be amendments to the regulations and guidelines (standards) issued by the Finnish Financial Supervision Authority.
March 01 2007